Gold price soars in Egypt as local currency weakens

The price of gold in Egypt has risen to unprecedented highs as nervous savers seek refuge from a weakening currency and some companies export bullion to raise scarce dollars to fund imports, industry experts say.

Figures from the Federation of Egyptian Chambers of Commerce's (FEDCOC) gold division show the price of 21-carat gold surpassing 1,800 Egyptian pounds ($72.73) per gramme in December, what local media reports say is an all-time high.

Prices have since fallen to 1,545 pounds but it's still a jump from 673.5 pounds a year earlier and a sharp premium versus the current $50-51 on international markets.